Wave Broadband, RCN Telecom and Grande Communications – the three US ISPs owned by TPG Capital – have announced that they have reached the one million customer milestone. Jim Holanda, CEO of RCN, Grande and Wave, commented: ‘Today, connectivity matters more than ever and as we surpass one million customers, we are continuously investing in growing our fibre network across the US to ensure that we can exceed our customers’ business, entertainment, informational, and day-to-day needs.’
The timing of the announcement is interesting, insofar as it was recently reported that TPG Capital is exploring a potential sale of the three businesses, which have been valued at a combined USD8 billion. As per the report, Morgan Stanley and JPMorgan Chase & Co have been selected to advise on the sale process.
TeleGeography notes that TPG entered into definitive agreements to acquire RCN (USD1.6 billion) and its sister company Grande Communications Networks (USD650 million) through separate transactions back in August 2016. In January 2018 TPG closed the previously announced USD2.375 billion acquisition of Washington-based Wave Broadband. Although the three businesses have not been formally merged, TPG says that, collectively, they represent the sixth largest cableco in the US.